Asia Insurance Company Limited has announced a proposed rights issue to increase its paid-up share capital.
- The Board of Directors approved the issuance of 26,997,757 ordinary shares at a price of PKR 10/- per share.
- This represents approximately one (1) right share for every 2.70 ordinary shares held, equating to about 36.97% of the existing paid-up capital.
- The total amount to be raised through this rights issue is approximately PKR 269.92M.
- The rights issue aims to increase the paid-up capital from approximately PKR 730.08M to PKR 1,000M, complying with regulatory requirements for non-life insurers.
- Specific dates for book closure, subscription period, and other related timelines will be communicated after finalization of the Offer Letter.
- The funds raised will strengthen the company's capital base and support future growth initiatives.